of July 23, 2019 No. PP-4400
About measures for increase in availability of microfinancial services
Note that the taken measures for enhancement of the legal basis and simplification of allowing procedures for the organization of activities of non-bank credit institutions, and also on involvement of commercial banks in process of microfinancing promoted considerable expansion of amounts of rendering microfinancial services in the republic.
At the same time the international experience of regulation of the sphere of microfinancing testifies to need of expansion of capacity of credit institutions for satisfaction of the growing requirement of the population and subjects of entrepreneurship in microfinancial services.
With respect thereto, improvement of the legislation, implementation of the best the practician of microfinancing, including possibility of remote servicing, expansion of line of the rendered services, the prevention of formation of excessive debt load of the population, increase in financial literacy of the population, financial availability and consumer protection of these services shall become the urgent areas of work on further enhancement of the sphere of microfinancing in the republic at the present stage.
For the purpose of creating favorable conditions for further development of the sphere of microfinancing, and also according to the tasks determined by the Presidential decree of the Republic of Uzbekistan of January 8, 2019 No. UP-5614 "About Additional Measures for Ensuring Further Development of Economy and Increase in Efficiency of Economic Policy":
1. Take into consideration that technical assistance of the World Bank in development of National strategy of increase in the financial availability (further - National strategy) providing components of expansion of availability of financial services, increase in financial literacy of the population and subjects of entrepreneurship, consumer protection of financial services taking into account the best international practices in this sphere is attracted with the Central bank of the Republic of Uzbekistan.
2. Form Coordination council in structure according to appendix No. 1, having determined it by development and the subsequent realization of National strategy of increase in financial availability the main objectives:
ensuring the coordinated interaction of the responsible ministries and departments behind the course of realization of National strategy with acceptance in need of operational measures for accomplishment of planned activities;
the organization of effective interaction with the international financial institutions, the foreign government financial organizations, expert community and mass media concerning realization of National strategy, carrying out for this purpose seminars, "round tables", conferences and other actions.
3. To coordination council (Kuchkarov D. A.):
in a month to approve the plan of practical measures for accomplishment until the end of 2019 of the actions specified in Item 2 of this resolution and also to monthly introduce information on the course of implementation of the plan in the Cabinet of Ministers and Administration of the President of the Republic of Uzbekistan;
till January 1, 2020 to introduce to the Cabinet of Ministers of the Republic of Uzbekistan the draft of the government decision "About approval of National strategy of increase in financial availability".
4. To Central Bank of the Republic of Uzbekistan:
till January 1, 2020 with assistance of profile international experts to conduct researches and surveys for the purpose of objective assessment of condition of level of financial literacy of the population and financial availability;
strengthen interaction with Alliance of financial inclusivity and Central Banks of foreign countries for enhancement of financial availability.
5. Approve offers of the Central bank and the Ministry of Finance of the Republic of Uzbekistan on introduction since August 1, 2019 about according to which:
the maximum amount of microloan increases to 50 million bags, the microcredit - to 300 million bags and microleasing - to 600 million bags;
the term of consideration of the application by licensing for the right of implementation of activities of microcredit institutions and pawnshops is reduced from 30 days to 15 working days;
microcredit institutions independently determine percentage ratio of all confidential (blank) credits to their created authorized fund;
the microcredit institutions created in the form of joint-stock company are granted the right of release of corporate bonds and placement them is exclusive among legal entities;
foreign microcredit institutions are allowed to participate in authorized capital of the operating microcredit institutions in the Republic of Uzbekistan.
6. Determine that since August 1, 2019:
a) it is allowed to microcredit institutions:
act as agents of banks, insurance companies, other financial organizations with condition of rendering agency services only in non-cash form and disclosures of information on availability of the agency agreement, and also accomplishment of regulations of the legislation on counteraction of legalization of income gained from criminal activities, to financing of terrorism and financing of distribution of weapons of mass destruction;
attract the loans (loans) and issue corporate bonds in the amounts providing observance of the regulations established within macroprudential supervision;
according to the decision of the supreme bodies of management of microcredit institutions to open the centers of retail services, including the microfinancial services rendered in non-cash form with the notification of the Central bank of the Republic of Uzbekistan in ten-day time from the date of their opening;
b) banks and other credit institutions have the right to provide to physical persons the online credits (microloans) on condition of ensuring with banks and other credit institutions of remote identification of the potential borrower, carrying out safe data exchange and assessment of creditworthness of the borrower on the basis of scoring model.
7. Enter procedure according to which it is forbidden:
issuance of credits (loans) to physical persons and accounting of their obligations on the credits (loans) in foreign currency;
acceptance by non-bank credit institutions from physical persons as proof of residental real estate, in ensuring short-term microfinancial services;
rendering new microfinancial service to physical person in the presence of outstanding overdue debt on earlier obtained credits (loans).
8. To Central Bank of the Republic of Uzbekistan till:
On September 1, 2019 to simplify requirements for technical equipment of buildings and cash premises of microcredit institutions taking into account modern realities, the international experience and enhancement of methods of rendering microfinancial services;
On October 1, 2019 to approve methodology of calculation and admissible measure values of debt load of the borrower - physical person on the credits (loans), and also regulations on control of growth of debt load of physical persons, including on the maximum day interest rate;
On November 1, 2019 to approve the procedure for rendering remote services by credit institutions providing availability of adequate risk management, obligatory receipt of credit information from credit bureaus, safety and going concerns;
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